When did you first realize Maxine Waters was an idiot? I remember when I did. She was involved in the Block For Bill efforts by House Democrats during the hearings on potential impeachment for then-President Bill Clinton. Maxine made many jaw-droppingly stupid statements but the best was when she said that we had to do something about “all these young women” tempting male law-makers and leaders, referring to Monica Lewinsky.
You know, the people of Watts have enough problems. They don’t need the added burden of a fool as their representative in Congress. On the other hand, who keeps voting for Maxine, term after term, decade after decade?
But I digress.
The latest display of Maxine’s intellectual limitations and lack of diligence and seriousness occurred to tried to engage in some anti-bank grandstanding sure to cheer the anti-capitalist Democratic base. Waters is the chairwoman of the House Financial Services Committee , which regulates banks. Nancy Pelosi gave her the post. Think about this next time your favorite Democrat mocks one of Donald Trump’s appointments.
During a hearing on the practices of the nation’s biggest banks, Waters pointed an accusing rhetorical finger at a panel of seven bank CEOs because, she said, “more than 44 million Americans that owe … $1.56 trillion in student loan debt…Last year, one million student loan borrowers defaulted, which is on top of the one million borrowers who defaulted the year before.”
“What are you guys doing to help us with this student loan debt?” she demanded. “Who would like to answer first? Mr. Monahan, big bank.”
“Big bank” means “bad guys” if you’re woke. Also if you’re an idiot.
Duly answering his arrogant Mistress, Bank of America chairman and CEO Brian Monahan replied, “We stopped making student loans in 2007 or so.”
“Oh, so you don’t do it anymore,” Waters replied, still clueless that she was missing something. “Mr. Corbat?”
“We exited student lending in 2009, ”said Citigroup CEO Michael Corbat, still not telling Maxine what she needed to know to stop making an ass of herself.
Make that to stop making an ass of herself again.
James Dimon, JPMorgan Chase chairman and CEO, took mercy on her, “When the government took over student lending in 2010 or so, we stopped doing all student lending,” he said.
Waters then quickly ended the questioning on this topic and changed the subject to small businesses. Oh for a CEO with the guts to say, “You know, we have taken the time to come here, and the least we can expect is that members of this committee have taken the time to be minimally informed regarding what our banks do and do not do. This in insult, and reflects horribly on the preparation and competence of the elected officials who presume to regulate us, and who choose instead to use our time for ignorant blame-casting. I am leaving, Madam Chairwoman. Shame on you. “
And if she played the contempt card, he could go Al Pacino on her..
You see, the administration of Waters’ hero Barack Obama administration put the federal government in charge of student loans in 2010, claiming it would save taxpayer dollars by “cutting out the middleman.” as President Obama so eloquently put it.
Good plan! Student loan debt was $154.9 billion in 2009 , and current student debt is estimated at more than $1.5 trillion.
It’s all the banks’ fault.
Maxine Waters, a head of the House committee responsible for overseeing banks who doesn’t even pay attention to the sector she’s responsible for, nonetheless uses her position and authority to lead similarly ignorant people to engage in such undemocratic conduct as harassing members of the Trump administration when they are dining out with their families. She’s worse than incompetent, far worse.
But incompetence is bad enough.